Page 38 - Wells Fargo Bank (C) Teaching Note
P. 38
October 5:
California's attorney general opens an investigation into possible identity
fraud related to the fake accounts scandal.
October 12:
CEO John Stumpf steps down. The company announces he will retire
effective immediately. Tim Sloan to replace him.
November 3:
SEC probe revealed. A new public filing from the bank discloses that the
Securities and Exchange Commission is investigating the bank for issues
related to the creation of as many as 2 million fake accounts.
December 13:
Wells Fargo is punished by federal regulators for actions unrelated to the
fake accounts. The bank is dinged for failing to comply with certain
provisions of Dodd-Frank, the post-2008 law meant to better regulate big
banks and protect consumers.
December 31:
WFB stock finishes year at $55, up 4% on year start price.
2017
January 23:
Wells Fargo acknowledges potential worker retaliation. The bank says there
are signs it retaliated against workers who tried to blow the whistle on the
fake accounts.
February 20:
Four senior bank employees are fired. The employees either worked or used
to work in Wells Fargo's community banking division, which is at the center
of the fake account scandal.
March 27:
Federal agency accuses Wells Fargo of "egregious," "discriminatory and
illegal" practices. In an unusual move, a top federal banking regulator
severely downgrades Wells Fargo's community lending rating. The decision
stems from factors beyond the fake account scandal.
March 27:
